Venezuela buys back over $800 million bonds

The Guardian by Fabian Cambero | Nov. 21, 2008 (News Report)

Venezuela has recently bought back more than $800 million of foreign debt, including Global 2027s and other bonds, and is mulling more buyback operations, the OPEC nation's economy minister said on Friday. As Venezuela's bond prices fell in recent weeks because of a plunge in the price of oil, its main income, the socialist government of President Hugo Chavez said it could take advantage of the cheaper costs and buy back debt. Full Story »

Posted by Marc Larocque

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2.3
 by Marc Larocque - Nov. 24, 2008

This article completes one function in telling the global audience of Venezuela's big purchase of foreign debt. It explains the reason -- the plunge of oil prices recently -- and the context regarding the country's neighbor and how their financial situation can affect them. But I just don't like how Venezuela is "considered" one of Latin America's riskiest credits" without backing up this statement with anything else but a blanket condemnation of socialism, solidifying investor's unqualified fears.

Marc posted this story.
(11 answers)

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2.3
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